Mumbai: Benchmark BS Sensex continued its decline for the third consecutive day, falling 220 points in volatile trade on Tuesday due to profit-booking in power, oil and capital goods stocks ahead of Lok Sabha election results.
After fluctuating between gains and losses during the day, the 30-share BSE Sense closed 220.05 points or 0.29 per cent lower at 75,170.45. During the day, it touched a high of 75,585.40 and a low of 75,083.22.
Despite a positive start to the day, NSE Nifty closed 44.30 points or 0.19 per cent lower at 22,888.1.
Analysts said stock markets were witnessing 'buying and selling on the downside' amid uncertainty ahead of the general election results.Sensex and Nift hit all-time highs on Monday but closed lower due to heavy gains in the last round.
Power Grid, NTPC, Tech Mahindra, Bharti Airtel, Tata Motors, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank and Maruti were among the laggards in the Sensex pack.
Asian Paints, Wipro, JSW Steel, Hindustan Unilever, Bajaj Finserv and Mahindra Mahindra were the top gainers.
Vinod Nair, Head of Research, Geojit Financial Services, said, "The Indian market witnessed mild consolidation after the recent sharp rally. As the market gets closer to the election results, volatility is likely to continue due to uncertainty.,
Analysts said midcaps and smallcaps underperformed, while defensive sectors like pharma and FMCG remained optimistic.
"Nifty closed lower for the third consecutive day on Tuesday. There is growing jitteriness ahead of the election results, which is evident from the poor advance-decline ratio and falling volumes," said Deepak Jasani, Head of Retail Research, HDF Securities.
In the broader market, the BSE Smallcap gauge fell 1.09 per cent and the MidSEA index fell 0.63 per cent.
Among the indices, Realty fell 2.22 per cent.Power (1.86 per cent) utilities (1.55 per cent), services (1.37 per cent), telecom (1.26 per cent), industrial (1.08 per cent) and capital goods (0.95 per cent) were the laggards.
Healthcare index emerged as the only gainer.
On the BSE, 2,510 shares declined, while 1,321 shares advanced and 102 shares remained unchanged. A total of 1,795 shares declined and 809 rose on the NSE.
"Nifty fell 44 points to close at 22,888.It had a positive start to today's trading session, but could not sustain higher levels and saw marginal profit-booking in the first half.
“The second half was quite limited and weak as Nifty traded in a narrow range of 40 to 50 points after a slow start, however, minor selling was seen during the last hour of the trading session. It was clearly a day of consolidation. ,” Tejas Shah, Technical Research, JM Financial and BlinkX, said.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed lower.European markets were trading with a mixed trend.
US markets were closed on Monday due to the Memorial Day holiday.
Global oil benchmark Brent crude rose 0.13 percent to US$83.21 per barrel.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 541.22 crore on Monday.
India's core monsoon region, covering most of the country's rain-fed agricultural areas, is likely to receive above normal rainfall this season, the IMD said on Monday.
After fluctuating between gains and losses during the day, the 30-share BSE Sense closed 220.05 points or 0.29 per cent lower at 75,170.45. During the day, it touched a high of 75,585.40 and a low of 75,083.22.
Despite a positive start to the day, NSE Nifty closed 44.30 points or 0.19 per cent lower at 22,888.1.
Analysts said stock markets were witnessing 'buying and selling on the downside' amid uncertainty ahead of the general election results.Sensex and Nift hit all-time highs on Monday but closed lower due to heavy gains in the last round.
Power Grid, NTPC, Tech Mahindra, Bharti Airtel, Tata Motors, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank and Maruti were among the laggards in the Sensex pack.
Asian Paints, Wipro, JSW Steel, Hindustan Unilever, Bajaj Finserv and Mahindra Mahindra were the top gainers.
Vinod Nair, Head of Research, Geojit Financial Services, said, "The Indian market witnessed mild consolidation after the recent sharp rally. As the market gets closer to the election results, volatility is likely to continue due to uncertainty.,
Analysts said midcaps and smallcaps underperformed, while defensive sectors like pharma and FMCG remained optimistic.
"Nifty closed lower for the third consecutive day on Tuesday. There is growing jitteriness ahead of the election results, which is evident from the poor advance-decline ratio and falling volumes," said Deepak Jasani, Head of Retail Research, HDF Securities.
In the broader market, the BSE Smallcap gauge fell 1.09 per cent and the MidSEA index fell 0.63 per cent.
Among the indices, Realty fell 2.22 per cent.Power (1.86 per cent) utilities (1.55 per cent), services (1.37 per cent), telecom (1.26 per cent), industrial (1.08 per cent) and capital goods (0.95 per cent) were the laggards.
Healthcare index emerged as the only gainer.
On the BSE, 2,510 shares declined, while 1,321 shares advanced and 102 shares remained unchanged. A total of 1,795 shares declined and 809 rose on the NSE.
"Nifty fell 44 points to close at 22,888.It had a positive start to today's trading session, but could not sustain higher levels and saw marginal profit-booking in the first half.
“The second half was quite limited and weak as Nifty traded in a narrow range of 40 to 50 points after a slow start, however, minor selling was seen during the last hour of the trading session. It was clearly a day of consolidation. ,” Tejas Shah, Technical Research, JM Financial and BlinkX, said.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed lower.European markets were trading with a mixed trend.
US markets were closed on Monday due to the Memorial Day holiday.
Global oil benchmark Brent crude rose 0.13 percent to US$83.21 per barrel.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 541.22 crore on Monday.
India's core monsoon region, covering most of the country's rain-fed agricultural areas, is likely to receive above normal rainfall this season, the IMD said on Monday.
